Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required Audible Audiobook – Unabridged
From two leaders of the FIRE (Financial Independence, Retire Early) movement, a bold, contrarian guide to retiring at any age, with a reproducible formula to financial independence
A bull***t-free guide to growing your wealth, retiring early, and living life on your own terms
Kristy Shen retired with a million dollars at the age of 31, and she did it without hitting a home run on the stock market, starting the next Snapchat in her garage, or investing in hot real estate. Learn how to cut down on spending without decreasing your quality of life, build a million-dollar portfolio, fortify your investments to survive bear markets and black-swan events, and use the four percent rule and the Yield Shield - so you can quit the rat race forever. Not everyone can become an entrepreneur or a real estate baron; the rest of us need Shen's mathematically proven approach to retire decades before 65.
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio. The PDF includes detailed charts, graphs, formulas, illustrated strategies, and the complete appendices from the book, to help reach financial independence and retire early.
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|Listening Length||8 hours and 40 minutes|
|Author||Kristy Shen, Bryce Leung, JL Collins|
|Narrator||Kristy Shen, JL Collins|
|Whispersync for Voice||Ready|
|Audible.com Release Date||July 10, 2019|
|Best Sellers Rank|| #7,821 in Audible Books & Originals (See Top 100 in Audible Books & Originals) |
#39 in Money Management & Budgeting
#90 in Investing & Trading
#134 in Budgeting & Money Management (Books)
Reviews with images
Top reviews from the United States
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What is her secret? She and Bryce are DINKs (Dual-Income, No Kids) who went to prestigious schools (and graduated w/o college debt?!) and landed good paying jobs as computer engineers. Because they had good jobs, no college debt, and were well paid, they were able to live off of 50% of their paychecks and invest the rest in the stock market. 10-15 years later, they were able to quit their jobs and live off 4% of their investments.
So, how reasonable is this formula for most people to follow? It depends. Are you able to attend a prestigious school without incurring student loans? Are you able to land a stable, good-paying job right out of college? Let's assume you make $60K right out of college. Are you able to manage your expenses so that you can live off of 50% of your after-tax paycheck (i.e. $20-$25K)? Now remember, that $20-$25K includes everything you need to live on.
So, yes, it's possible to follow Kristy's formula. It will take tremendous sacrifice and discipline, a strong aversion to debt, and a maniacal focus on savings. If you're dating / engaged, this journey may mean you have to kick your current boo-thing to the curb to find someone who is willing to sign up for the required 15-20 year austerity protocol. If you're attached to a big spender / fashion diva, not a chance of making this work.
That being said, I'd recommend this book to young adults either in college or about to enter college. This book will help them understand why worthless majors, massive student loans, consumer debt, gambling, and lavish spending early in life will make financial independence almost impossible for them to achieve before they retire. This book also reinforces the importance of saving early and saving often, simple-ish investing, and avoiding the latest investment fads. Also, this book is a reminder that your significant other / partner / spouse is key to achieving financial independence. If you two aren't on the same page, Kristy's formula won't work.
(1) It explains core investment concepts (with examples) in simple-to-follow ways and very plainly tells you that you really do need to get out of high-percentage debt before you can expect any gains in moderate-percentage investing (which is something most investment books gloss over);
(2) It covers debt and expense reduction in ways that make sense (including paying off student loans and using "geographic arbitrage"); and
(3) It provides vanilla investment strategies for worldwide investors who may or may not be headed into a recession.
Buy the book. You may not want to quit your job, and you may not get to a million, but you'll have a lot more of a financial cushion thanks to the advice in this book.
I bought both the Kindle and Audible versions and did the immersive reading thing, which is fabulous. The narration on the audiobook is a bit slow, but it's easy to speed narration up for fast listeners like me. 😉
By A. Watson on July 10, 2019
Personal finance has been a hobby of mine for over a decade, so really appreciated finding the FIRE (Financial Independence, Retire Early) movement. (It isn’t the best acronym ... retirement isn't required, the FI part is just amazing.) Within a year I found the Millennial Revolution blog and I was impressed with Kristy & Bryce's no-nonsense guide to FI, from investing to how to withdraw money before retirement age.
If you have read their blog, you will still learn a lot of Kristy's story. Also, you get her story plus all of their tips for getting to FI (and actually retiring early if you want to) consolidated into one place. If you haven’t read their blog yet, you are in for a treat!
If I were introducing a friend to the FI movement and they asked for books to read, I would have them start with the classic from JL Collins ('The Simple Path To Wealth'), followed immediately by this book.
Top reviews from other countries
Well I am 51 and on the FI path so you may think that the messages in this book would be lost on me, after all Kirsty and Bryce retired 20 years younger than I am now. But really the messages in this book work for people at any age that are looking to obtain financial independence. Like Kirsty and Bryce, my path has been littered with challenges along the way, so its a really good read to see other people struggle and not follow the path most travelled.
I first stumbled on their story when they were interviewed on the ChooseFI podcast and for me they were THE inspiration to knuckle down and get out of the rat race. What I particularly like about them is that they are open minded, that the world is their stage and they are citizens of that world far before they are citizens of Canada or Kirsty's country of birth, China.
This book is packed full of practical tips and of moments of deep reflection for me. i.e. "How much money is enough to retire?" well now I really know by employing some of their tools such as the Yield Shield.
I finished the book this weekend and pulled out a couple of chapters to show my wife that were areas that she was more concerned about regarding FI and it was a real 'a-ha!' moment for her also. Our discussion last night was that we will give it two more years before we FIRE and at that time we will pack everything into a couple of backpacks and follow the path laid by Kirsty and Bryce, turn our back on limited thinking and embrace all that the world has to offer.
We wouldn't be doing this so soon without reading this book. Simple as that.
Couple of points;
- Kirsty and Bryce talk predominantly about FIRE in Canada and the US. I am in the UK so those parts didn't hold too much interest for me, but even reading about the US healthcare situation was useful as it helped us work out how we will deal with that when travelling.
- Kirsty and Bryce do not have kids - so they got a couple of guest writers to fill that gap for them in how to FIRE with kids
- They broke down how you could FIRE at a whole range of income streams, so if you have a passion to FIRE but not a high income level, do not despair... just read this book.
Finally, I love the style of writing, far from stuffy finance and a good number of laugh out loud moments.
Thanks Kirsty and Bryce, hope to bump into you somewhere round the world at some point where we can share you by the hand and thank you for helping to give us our freedom.
This couple invested their savings in such a way that their daily expenses are covered by the yield of their investments (eventually this will change to selling capital as well as using yield) and a cash cushion. They optimised their savings to a massive extent by examining their spending, and they continue to do this by travelling the world, spending more time in countries with lower costs of living than their relatively expensive home country, Canada. In this book they outline what they're doing with their money and how this enables them to travel and to do things they'd rather do, such as working on apps and writing books, without worrying about the bills. They also explain their motivations and how their values have led them down this path.
Though this strategy is marketed as achievable for everyone, I think there are some caveats to that. The book does address certain caveats (eg kids, low income) but not others (luck, what if you don't want to/can't travel or move to a lower-cost area). How well their arguments convince the reader is up to the individual reader. That being said, creating a step-by-step guide that addresses every potential situation is impossible, so the underlying philosophy of optimising your money (spending AND saving) in line with your values is important, and I hope other readers will at least take that away from this book.
The core strategy (saving as much as you can and investing the savings) is nothing new, but the energy and dramatic effect of doing so for this couple, combined with anecdotes of how they did so - with all the fear and uncertainty that came with it - makes it relatable. I'm in their age group though, so that may not ring true to everyone. I did like the absolute conviction that understanding money isn't difficult, everyone can do it, and once you do understand it, life gets easier. That rings true to me regardless of anything like age or location.
This is aimed at North American readers, meaning the practical tips involving accounts, tax shelters, health insurance, etc are irrelevant for those of us elsewhere in the world. However, the underlying logic of using tax-sheltered and tax-deferred accounts is solid and could be replicated elsewhere, you have to explore your local options.
There are some great wealth management tips too, which I will keep in mind. I enjoyed the book's summary of the various wealth generation strategies out in the world (eg creating a business, going into real estate, investing) and how different strategies will work for different kinds of people. Not enough personal finance books acknowledge this. There's no one ultimate way, and even this book is just outlining one strategy.
On a personal note, I appreciated the lack of bizarrely cheery American hype language that doesn't acknowledge any doubt, you know? While there's plenty of conviction that this is a solid strategy, there's none of that semi-religious DO THIS IT'S GENIUS AND PERFECT AND NOTHING BAD WILL EVER HAPPEN, I KNOW EVERYTHING AND HOLD ALL THE ANSWERS FOREVER AND EVER AMEN, AND IF YOU DOUBT ME OR SOMETHING BAD HAPPENS TO YOU THEN YOU'RE A MORON nonsense so prevalent in other personal finance books. This book doesn't do that. Thank you for not doing that. Thanks for being funny and engaging.
I think this book is most suited for those people looking for a motivational story on saving and investing in an ordinary, achievable and relatable way, and for those looking for ideas on how to manage a simple portfolio. I wouldn't say this is the perfect foolproof method for everyone - especially if your values and ideal life set up requires a different strategy, or you're from outside of North America - but there are many solid lessons and principles in here, and everyone should be able to find something useful in it.
Overall I really enjoyed this book. I learned new things from it and liked the reminder of keeping a good sense of perspective about principles and what's valuable to me, educating myself about money, and deploying money accordingly.
It is very easy read, considering the subject matter and the author(s) waste no time in getting personal and open on private and sensitive subjects, including the obstacles and fears faced, together with clear and practical advice on how they were overcome. The only book I have read where even the appendices are an enjoyable read. Their net worth figures are in Canadian dollars which make the author(s) achievements all the more impressive.
Even though I'm in the UK, most of the book is relevant (for a UK focused read on the subject, Reset by David Sawyer stands out).
If you are looking to make the most of your money and get it serving your life, you will find lots of help here. Recommended.
The story is of a family leaving china to try and make for a better life in Canada.
More importantly it is the route to FI for a young couple
The fears many have, what ifs that deter us from FI are looked into and solutions found.
I do not believe FI is for all, but this book describes a route which many could take if prepared to sacrifice the want everything now lifestyle.
The book has sections North American biased - tax insurance and pensions for example, but as a whole is a welcome addition to the FI bookshelf
The author explains how money works and how you can make it work for you with the example of her personal circumstances.
Wonderfully she explains her theory about the three types of millionaire. The great news is that you don’t have to be a Warren Buffett or Robert Kiyosaki to reach financial freedom.
NB. The author has looked in depth at the cost of academic studies, and the tax strategies available in Canada and the USA. The numbers will not be directly applicable in other countries but her mathematic methods can be applied widely after taking cost or taxation options applicable locally into consideration.
Thumping great read. Inspirational and practical.